Business,Front Page

Amid need for Chinese capital, Sri Lanka sets sights on manufacturing

Views - 236 Monday, 8 July 2019 00:00

GT: What are the priorities on your agenda during your trip to China? Samarawickrama: First, I think I came here primarily to attend the Summer Davos in Dalian. I was there on Monday and Tuesday. Then I went to Beijing to meet Chinese Vice Minister

Saudi Arabia launches special residency scheme for expats

Views - 51 Monday, 8 July 2019 00:00

Riyadh (Reuters): Saudi Arabia launched on Sunday their new special residency scheme similar to green card systems applicable in other countries, aimed at attracting wealthy and high-skilled expats. The residency scheme offers two types of residencie

US job growth surges, July rate cut expectations intact

Views - 23 Monday, 8 July 2019 00:00

WASHINGTON (Reuters): US job growth rebounded strongly in June, with government payrolls surging, but persistent moderate wage gains and mounting evidence the economy was losing momentum could still encourage the Federal Reserve to cut interest rates

Fed faces tougher task in deciding whether to cut US rates

Views - 10 Monday, 8 July 2019 00:00

NEW YORK (Reuters): US employers are hiring workers, but that is only making the Federal Reserve’s job harder. On Friday, the Labor Department said nonfarm employers added 224,000 jobs last month – the most in five months, and not the kind of lab

Global Economy: Asia’s factory activity shrinks, US-China trade truce fails to brighten outlook

Views - 30 Monday, 8 July 2019 00:00

TOKYO (Reuters): Factory activity shrank in most Asian countries in June as the simmering US-China trade conflict put further strains on the region’s manufacturing sector, keeping policymakers under pressure to deploy stronger steps to avert a glob

GlidAR creates Augmented Reality experience for 75th Bradby Shield Souvenir

Views - 28 Saturday, 6 July 2019 00:07

GlidAR Ltd., a forward thinking company specialising in innovative technology in Sri Lanka, launched the GlidAR Augmented Reality App experience using its mobile app for the 75th Bradby Shield Souvenir.

St. Sebastian Group of Companies excels at Business World International Awards

Views - 33 Saturday, 6 July 2019 00:06

One of the oldest saw mills in Moratuwa, St. Sebastian Saw Mill and Timber Depot which celebrated its 50th anniversary recently and has strong plans to expand its activities in the future won the coveted gold award medium....

Emirates launches new service to Porto

Views - 17 Saturday, 6 July 2019 00:05

Emirates has launched its new four times weekly service to Porto, its second destination in Portugal. The new service provides travellers from across Emirates’ global network with a direct flight to the popular city in the north of the country.

Fake Casio watch dealer fined Rs. 200, 000

Views - 45 Saturday, 6 July 2019 00:03

A watch dealer at Majestic City was fined Rs. 200,000 by Colombo Additional Magistrate Priyantha Liyanage for selling and keeping fake Casio watches. The outlet was raided by officers of the Colombo.....

Council for Business with Britain hosts 19th AGM

Views - 86 Saturday, 6 July 2019 00:02

The 19th Annual General Meeting (AGM) of the Council for Business with Britain (CBB) was conducted on 20 June at Westminster House and presided over by HSBC Sri Lanka & Maldives Chief Executive Officer Mark Prothero, with British High Commissioner Ja

Prestige Automobile announces 5-year BMW Extended Warranty

Views - 43 Saturday, 6 July 2019 00:02

Being the sole authorised importer and distributor of BMW vehicles in Sri Lanka for over 20 years, Prestige Automobile Ltd. has announced the launch of its latest five year warranty scheme in Sri Lanka market, offering BMW customers the ultimate afte

Up to 70% savings at hotels and resorts with NTB American Express

Views - 37 Saturday, 6 July 2019 00:02

Lonely Planet ranked Sri Lanka as world’s number one travel destination for 2019 for its endless beaches, archaeological treasures, mystical mountains, fabulous wildlife and amazing food. Now it’s your turn to explore Sri Lanka and.....

JAT promotes Sayerlack PU for interior furniture

Views - 14 Saturday, 6 July 2019 00:01

With 25 years of wood coating experience in Sri Lanka, JAT Holdings holds firm to its status as the pioneer in the water base wood coating industry in the island. JAT brings Sayerlack Polyurethane (PU); by the world-renowned premium.....

Malik Samarawickrama discusses FTA with China’s Vice Minister of Commerce

Views - 47 Friday, 5 July 2019 00:02

Minister of Development Strategies and International Trade Malik Samarawickrama held discussions with the Vice Minister of Commerce of China, Wang Shouwen during a visit to Beijing last week. The discussions centred around the recommencement of negot

AITP study claims Sri Lanka’s approach towards FTAs hinders economic growth

Views - 221 Friday, 5 July 2019 00:01

The Association of Information Technology Professionals (AITP) has claimed that a self-study has revealed that Sri Lanka’s approach towards Free Trade Agreements (FTAs) hinders economic growth. AITP said it has been able to success

Cabinet approves changes to International Telecommunications Operators Levy

Views - 54 Friday, 5 July 2019 00:00

A proposal made by Finance Minister Mangala Samaraweera to present the Gazette removing the tax on applicable local telecom charges from 1 June was approved by the Government this week.  The Cabinet gave the greenlight to the Finance Minister to pr

Cabinet nod for fertiliser procurement

Views - 28 Friday, 5 July 2019 00:00

The Government this week approved the procurement of July’s fertiliser requirement for Ceylon Fertilizer Company and Colombo Commercial Fertilizers Ltd. The proposal, made by Agriculture, Rural Economic Affairs, Livestock Development, Irrigation an

Asia and Pacific should diversify trade to spur inclusive development: ADB

Views - 27 Thursday, 4 July 2019 03:04

Export diversification could help Asia and the Pacific to better cope with the current global slowdown in trade and make development more inclusive. Boosting industrial capacity, international competitiveness, and transport infrastructure are key to

Sri Lanka’s IT competency gives opportunity to gain from global value chain disruptions: Malik

Views - 42 Thursday, 4 July 2019 03:04

While disruptions to global value chains pose several challenges, there are many opportunities for Sri Lanka to benefit from, according to Development Strategies and International Trade Minister Malik Samarawickrama. He was speaking in a panel on ‘

Sayerlack by JAT rewards its loyal customers

Views - 41 Thursday, 4 July 2019 02:30

With millions of satisfied customers worldwide, the world’s number one wood coating brand Sayerlack has taken the construction and wood coating industry in Sri Lanka by storm providing innovative and high quality products. Distributed by JAT Holdin

Sri Lanka-Germany Fast Track Dialogue to assist German investors in Sri Lanka

Views - 120 Wednesday, 3 July 2019 00:00

The Sri Lanka-Germany Fast Track Dialogue was held recently at the Ministry of Development Strategies and International Trade with the objective of addressing central issues faced by German enterprises operating in Sri Lanka under the BOI as well as

Panasian Power ups net profit by 48% to Rs. 90 m

Views - 150 Wednesday, 3 July 2019 00:00

Panasian Power PLC, one of Sri Lanka’s leading green energy solutions providers, posted a consolidated net profit of Rs90 million for the quarter ending March 31st 2019, signifying a growth of 48% compared to the same quarter last year. Revenue fo

Sri Lanka participates in 16th China International Small and Medium Enterprises Fair

Views - 37 Wednesday, 3 July 2019 00:00

Sri Lanka Export Development Board, in coordination with the Consulate General of Sri Lanka in Guangzhou, participated in the 16th China International Small and Medium Fair (CISMEF) from 24-27 June. Sri Lanka has been continuously participating in th

US-SL hold constructive trade dialogue

Views - 57 Wednesday, 3 July 2019 00:00

By Madushka Balasuriya  Increased transparency in Government procurement procedures, reductions in tariffs on information technology (IT) goods and services to encourage Sri Lanka’s shift towards a digital economy, and the strengthening of intelle

DIMO affirms responsible entrepreneurship by winning at ACCA Sustainability Reporting Awards

Views - 43 Wednesday, 3 July 2019 00:00

Sri Lanka’s leading conglomerate Diesel & Motor Engineering PLC (DIMO) was once again recognised as a company that excels in sustainability reporting as it bagged the Overall Runner-up award at the ACCA Sustainability Reporting Awards 2018 held rec

Positive Sri Lanka aims to jumpstart economy

Views - 248 Tuesday, 2 July 2019 01:26

Bringing together the community to collaborate in a unique initiative, the campaign, Positive Sri Lanka, is calling on businesses, big and small, to participate in generating positive momentum in the economy. Initiated by a group of like-minded priva

Ambassador Jayatilleka meets Russian Chamber of Commerce Representatives

Views - 32 Tuesday, 2 July 2019 01:26

Dr. Dayan Jayatilleka received representatives of the Russian Federation’s Chamber of Commerce and Industry on 1 July, including Committee for Economic Cooperation with Countries of Asia and Oceania and Business Council for Co-operation with Pakist

Sapphire Cutters excels at Business World International Awards 2019

Views - 133 Tuesday, 2 July 2019 01:25

Sapphire Cutters Ltd. won the medium gold award of Gem and Jewellery category at the recently concluded Business Word International Awards held at Taj Samudra Hotel Colombo. Sapphire Cutters Ltd. is rooted in history, dating back to 1890, when two yo

Ceylon Chamber of Commerce elects new team at 180th AGM

Views - 145 Monday, 1 July 2019 01:01

The Ceylon Chamber of Commerce inducted Dr. Hans Wijayasuriya as its new Chairperson during its 180th AGM on Friday (28). Dr. Wijayasuriya, who is the Corporate Executive Vice President and Regional Chief Executive of Axiata Group Berhad, succeeded v

Implementation of key tasks under National Export Strategy

Views - 75 Monday, 1 July 2019 00:00

Sri Lanka is making a renewed attempt to leverage its geographic advantage in the East-West shipping route, this time as a boat builder and marine tourism destination under the National Export Strategy. The five-year plan formally launched in July 20

Today's Columnists

Why are Sri Lankan passports so bad?

Wednesday, 24 July 2019

My children have two different passports, making them a sort of case study in the stupidity and ultimate cruelty of passports. My daughter has a white passport, so no visas required. My son has a brown passport and he has to prove that he’s not try

Concept of Free Zones and their economic importance

Wednesday, 24 July 2019

With the growth of cross broader international trade, economic liberalisation and relocation of manufacturing facilities to economical location in search of competitive advantages, the concept of Free Zones was born. Free Zones include varieties of F

Howard at the PIM

Wednesday, 24 July 2019

A number of very important people called to thank me for inviting them to the very popular presentation by Dr. Howard Nicholas. It was held on 18 July at the Postgraduate Institute of Management (PIM) auditorium. The title of the presentation was ‘

“Sri Lanka’s future lies in producing exportable manufactured goods”: Dr. Howard Nicholas

Monday, 22 July 2019

Drawing lessons from Vietnam’s experiences The Sri Lanka-born economist attached to The Hague based Institute of Social Studies – Dr. Howard Nicholas – addressing a packed audience consisting of the alumni of the Postgraduate Institute of Manag

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